ITC Refund on export sales.

“Adjusted Total turnover” means the turnover (as defined under sub-section (112) of section 2), excluding the value of exempt supplies other than zero-rated supplies.

Net ITC.... means input tax credit availed on inputs and input services during the relevant period.  (“Relevant period” means the period for which the claim has been filed.)

Refund Amount = (Turnover of zero-rated supply of goods + Turnover of zero-rated supply of services) x Net ITC ÷Adjusted Total Turnover

Please explain this in deeply:

Net ITC means input tax credit availed on inputs and input services during the relevant period.

What Should I Consider from following:-

1.Total ITC on inward of relevent period= Net ITC.

2.Total ITC on inwards-Total Liability on outward supply= Net ITC, or

3.Total Liability of outward supply adjusted against ITC of relevent period= Net ITC.